Financials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 20-10-2026 at the NBB all 10 filings
Equity
€1.0m▲ 3.8%
2025 · €973,726
Net result
€67,825▼ 32.9%
2025 · €101,089
Total assets
€1.0m▼ 0.3%
2025 · €1.0m
Solvency
98.2%▲ 3.9pp
2025 · 94.3%
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€105,453
▼ 28.6%
2026
20192026
Net result
€67,825
▼ 32.9%
2026
20192026
Equity
€1.0m
▲ 3.8%
2026
20192026
Total assets
€1.0m
▼ 0.3%
2026
20192026
Debt
€18,507
▼ 68.4%
2026
20192026
Working capital
€43,024
▲ 91.1%
2026
20192026
Solvency
98.2%
▲ 3.9pp
2026
20192026
Current ratio
3.32
▲ 1.94
2026
20192026
Return on assets (ROA)
6.6%
▼ 3.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.1m-€0.1m▼ 2.1%€0.06m▼ 40.0%€0.1m▲ 133%€0.2m▲ 47.9%€0.3m▲ 49.6%€0.1m▼ 54.8%€0.1m▼ 28.6%
Net result€0.08m-€0.08m▼ 1.1%€0.04mwithin the sector's middle half▼ 42.2%€0.1mabove the sector's middle half▲ 151%€0.2mwithin the sector's middle half▲ 47.1%€0.2mabove the sector's middle half▲ 49.8%€0.1mwithin the sector's middle half▼ 58.6%€0.07m▼ 32.9%
Equity€0.3m-€0.4m▲ 22.8%€0.5mabove the sector's middle half▲ 10.7%€0.6mabove the sector's middle half▲ 24.4%€0.7mwithin the sector's middle half▲ 28.8%€0.9mwithin the sector's middle half▲ 19.8%€1.0mwithin the sector's middle half▲ 11.6%€1.0m▲ 3.8%
Total assets€1.0m-€1.0m▼ 0.3%€1.0mabove the sector's middle half▲ 0.2%€1.0mabove the sector's middle half▲ 2.1%€1.0mwithin the sector's middle half▲ 4.6%€1.1mwithin the sector's middle half▲ 5.7%€1.0mwithin the sector's middle half▼ 5.3%€1.0m▼ 0.3%
Debt€0.6m-€0.6m▼ 12.6%€0.5m▼ 7.7%€0.4m▼ 17.7%€0.3m▼ 28.0%€0.2m▼ 28.1%€0.06m▼ 73.1%€0.02m▼ 68.4%
Working capital-€0.2m--€0.2m▲ 4.7%-€0.3mbelow the sector's middle half▼ 9.1%-€0.2mbelow the sector's middle half▲ 18.2%-€0.1mwithin the sector's middle half▲ 47.1%-€0.03mwithin the sector's middle half▲ 72.2%€0.02mwithin the sector's middle half€0.04m▲ 91.1%
Solvency34.6%-42.6%▲ 8.0pp47.1%within the sector's middle half▲ 4.5pp57.4%within the sector's middle half▲ 10.3pp70.7%within the sector's middle half▲ 13.3pp80.1%above the sector's middle half▲ 9.4pp94.3%above the sector's middle half▲ 14.3pp98.2%▲ 3.9pp
Current ratio0.06-0.05▼ 0.010.05below the sector's middle half=0.15below the sector's middle half▲ 0.090.42within the sector's middle half▲ 0.270.82within the sector's middle half▲ 0.401.39within the sector's middle half▲ 0.563.32▲ 1.94
Return on assets (ROA)8.0%-7.9%▼ 0.1pp4.6%within the sector's middle half▼ 3.4pp11.3%within the sector's middle half▲ 6.7pp15.8%above the sector's middle half▲ 4.6pp22.4%above the sector's middle half▲ 6.6pp9.8%within the sector's middle half▼ 12.6pp6.6%▼ 3.2pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is 29% lower than in 2025 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.0m
Fixed assets
€967,527 ▲ 1.7%
Current assets
€61,531 ▼ 24.0%
Equity and liabilities €1.0m
Equity
€1.0m ▲ 3.8%
Debt
€18,507 ▼ 68.4%
Debt's share of the balance-sheet total falls from 5.7% to 1.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
6.7%▼
2025 · 10.4%
Debt ≤ 1 year
€18,507▼
2025 · €58,483
Income taxes
€35,580▼
2025 · €42,916
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €110,003 | - | - | - |
| Debts guaranteed by Belgian public bodies | - | €68,747 | - | - | - |
| Carrying value of the other pledged assets | - | €950,000 | €950,000 | €950,000 | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,049 | - | - | €20,856 |
| Depreciation and write-downs of the year | - | €20 | €410 | €410 | €4,538 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €20 | €410 | €410 | €4,538 | ▲ 11× |
| Other operating charges640/8 | - | - | - | €1,044 | €1,045 | €1,140 | €1,484 | €1,318 | ▼ 11.1% |
| Gross operating margin9900 | €108,259 | €105,975 | €63,653 | €148,716 | €219,463 | €328,361 | €149,496 | €111,309 | ▼ 25.5% |
| Operating profit (loss)9901 | €108,154 | €105,868 | €63,479 | €147,672 | €218,397 | €326,811 | €147,603 | €105,453 | ▼ 28.6% |
| Financial income75/76B | - | - | - | - | €1 | €0 | €130 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | - | €1 | €0 | €130 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €4,739 | €4,779 | €6,147 | €3,728 | €2,048 | ▼ 45.1% |
| Recurring financial charges65 | €10,946 | €9,502 | €8,017 | €4,739 | €4,779 | €6,147 | €3,728 | €2,048 | ▼ 45.1% |
| Profit (loss) for the period before taxes9903 | €97,208 | €96,366 | €55,462 | €142,933 | €213,619 | €320,664 | €144,005 | €103,404 | ▼ 28.2% |
| Income taxes67/77 | €20,025 | €20,030 | €11,376 | €32,109 | €50,568 | €76,426 | €42,916 | €35,580 | ▼ 17.1% |
| Profit (loss) for the period9904 | €77,183 | €76,336 | €44,086 | €110,824 | €163,052 | €244,238 | €101,089 | €67,825 | ▼ 32.9% |
| Profit (loss) for the period to be appropriated9905 | €77,183 | €76,336 | €44,086 | €110,824 | €163,052 | €244,238 | €101,089 | €67,825 | ▼ 32.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.0m | €1.0m | ▼ 0.3% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 1.7% |
| Tangible fixed assets22/27 | - | - | - | - | €0.002m | €0.002m | €0.001m | €0.02m | ▲ 14× |
| Plant, machinery and equipment23 | - | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 33.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.02m | - |
| Financial fixed assets28 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Current assets29/58 | €0.02m | €0.01m | €0.01m | €0.04m | €0.08m | €0.1m | €0.08m | €0.06m | ▼ 24.0% |
| Amounts receivable within one year40/41 | - | €0.002m | €0.003m | €0 | €3 | €0.1m | €0.006m | €0.006m | ▼ 5.5% |
| Trade receivables40 | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0 | €3 | €0.1m | €0.005m | €0.006m | ▲ 22.6% |
| Current investments50/53 | - | - | - | - | - | - | €0.02m | €0.04m | ▲ 159% |
| Cash at bank and in hand54/58 | €0.02m | €0.01m | €0.01m | €0.04m | €0.08m | €0.01m | €0.06m | €0.01m | ▼ 79.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €0.002m | €0.003m | €0.004m | €0.005m | ▲ 44.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.0m | €1.0m | ▼ 0.3% |
| Equity10/15 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.9m | €1.0m | €1.0m | ▲ 3.8% |
| Contributions10/11 | €0.2m | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.2m | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 4.5% |
| Non-distributable reserves130/1 | - | - | - | €0.009m | €0.009m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.009m | €0.009m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.4m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 4.5% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | €0.06m | €0.02m | ▼ 68.4% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.2m | €0.2m | €0.1m | €0.05m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.05m | €0 | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.06m | €0.02m | ▼ 68.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.05m | €0 | ▼ 100% |
| Financial debts43 | - | - | - | €0.03m | €0.05m | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | €0.03m | €0.05m | €0 | - | - | - |
| Trade debts44 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 76.4% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 76.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.003m | €0.002m | €0.009m | €0.02m | ▲ 91.0% |
| Taxes450/3 | - | - | - | €0.004m | €0.003m | €0.002m | €0.009m | €0.02m | ▲ 91.0% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.07m | €0.1m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €77,183 | €76,336 | €44,086 | €110,824 | €163,052 | €244,238 | €101,089 | €67,825 | ▼ 32.9% |
| + Depreciation and write-downs630 | - | - | - | - | €20 | €410 | €410 | €4,538 | ▲ 11× |
| Operating cash flow (approximation) | €77,183 | €76,336 | €44,086 | €110,824 | €163,072 | €244,648 | €101,499 | €72,363 | ▼ 28.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €25 | -€2,049 | €0 | €0 | -€20,856 | - |
| Change in cash | - | -€5,039 | €335 | €24,521 | €41,778 | -€67,250 | €46,580 | -€44,813 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 20-10-2026 | 2026-00564076 | |
| 31-03-2025 | abbreviated format | 28-10-2025 | 2025-00559493 | |
| 31-03-2024 | abbreviated format | 25-10-2024 | 2024-00514159 | |
| 31-03-2023 | abbreviated format | 31-10-2023 | 2023-00499425 | |
| 31-03-2022 | micro format | 03-10-2022 | 2022-20446139 | |
| 31-03-2021 | micro format | 03-11-2021 | 2021-75700121 | |
| 31-03-2020 | micro format | 23-10-2020 | 2020-62600039 | |
| 31-03-2019 | abbreviated format | 30-10-2019 | 2019-71800573 | |
| 31-03-2018 | abbreviated format | 20-09-2018 | 2018-63500154 | |
| 31-03-2017 | abbreviated format | 20-09-2017 | 2017-61300084 |